Is Franchising Right for You? A Self-Assessment Guide

Find Out if Starting a Franchise Is a Smart Business Decision

Deciding whether to become a franchise owner is a major life decision that requires careful consideration of your skills, interests, financial situation, and so much more. Furthermore, determining whether this type of business endeavour is a good fit for you as a person and an entrepreneur isn’t as simple as having the funds and securing a piece of real estate.

You need to make sure that your personality, goals, and expertise are fully aligned with the requirements and demands of being a franchise owner. Otherwise, you increase your chances of failing in your first year of business.

In this article, we’ll provide you with the questions you need to ask yourself before exploring any new franchise opportunities while reviewing the pros and cons you should consider.

Questions to Ask Yourself Before Becoming a Franchise Owner

Do you want to become a franchise operator but are unsure whether this type of business is the right fit? Below, we’ve provided a few sets of questions that are meant to get you thinking about how you see your future and whether a franchise business fits into that.

Personality and Interest Questions

What are the reasons you want to own a franchise? Is it solely for financial prosperity? If so, then being a franchise owner may not be the best fit.
Do your passions and interests align with your franchise opportunity?
Do you have a personality that is suited to be in a leadership and management role? The answer to this should be “yes.”
Are you willing to put in long hours and hard work, especially in the initial stages of the business? If your answer is no, you should consider other opportunities.
How well do you handle stressful situations and pressure at work? Running a franchise is a high-pressure situation, so you must have the right coping skills.
Are you a risk taker? You need to be comfortable with assuming some level of risk.
Are you willing to follow the franchise system, or do you have to have everything your own way? As a franchise owner, you must follow all guidelines implemented by the franchisor.

Financial Questions

How much money do you have to invest in a franchise, and have you obtained financing?
Are you aware of all the costs involved, including franchise fees, royalties, and operational expenses?
How much money have you saved to support yourself and the business until it becomes profitable? You will not turn a profit immediately, so you must have money set aside in the meantime.
Have you consulted with a financial advisor to evaluate the financial feasibility of owning a franchise? This is an incredibly important step.

Lifestyle Questions

What are your lifestyle goals, and how does owning a franchise align with them?
Are you married or have a long-term partner?
Do you plan on having children in the future? If so, consider how being a business owner may affect your work-life balance
How do you expect owning a franchise will impact your work-life balance and family life?
Are you comfortable with relocating for a franchise opportunity?

Questions About Your Goals

Where do you want to be in life in five, 10, and 25 years time?
What are your long-term goals for your role within your franchise?
Do you plan to retire from managing the day-to-day operations at some point?
When do you plan to retire?

How you answer these questions can greatly influence your future as a franchisee, so really think about your responses and whether or not they align with the life of a franchise operator.

Is Franchising Worth It? The Most Significant Advantages of Becoming a Franchise Owner

Becoming a franchise owner is not for the faint of heart. It requires a lot of hard work and a significant financial investment – success doesn’t come overnight. So, while it’s definitely high-risk, it’s also high-reward. There are so many benefits to owning a franchise that we feel outweigh the associated risks. Below, we’ve outlined some main benefits to prove that being a franchise operator is worth it.

The Business Model Has Been Proven to be Successful

When you start a franchise, you get to utilize the franchisor’s business model and franchise system, both of which have proven successful. This means the processes, products, and services are already established and successful, reducing your risk of failure.

Built-In Brand Recognition

Franchise owners benefit from the established brand recognition built by the franchisor, eliminating a significant hurdle faced by other business owners. Having that existing brand recognition is a significant advantage as it can help you generate a customer base and turn a profit much quicker.

Training and Support From the Franchisor

If this is your first franchise, there is a lot you’ll need to learn to make your business successful. Fortunately, most franchisors offer provide comprehensive training programs along with ongoing support when it comes to:

Marketing and advertising
Hiring
Managing day-to-day operations
Finding a location
Products and services
And more

This support can be invaluable, especially for entrepreneurs new to franchising.

Why You Should Consider Franchising With Gorilla Bins

If you’ve reviewed our prospective franchisee questionnaire and are ready to move forward and start your own franchise, the next step is to find the right franchisor.

Not sure what type of franchisor would be a good fit? Why not partner with Ontario’s leading waste disposal franchise company, Gorilla Bins? Gorilla Bins is a waste management franchisor with several locations across the Greater Toronto Area. We proudly offer all of our franchisees extensive training and support to help them be successful and are always looking for new franchisees to join our family.

Get in touch with our team today to learn more about Gorilla Bins and how we can help set your franchise up for success.